Level 7
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Retirement tax questions

A "gift" from an employer is not really considered a gift and the information below will provide some insight.  The ramifications on the tax return will be personal income tax and your share of social security and medicare tax.

  • It should be reported in TurboTax Premier using these steps:
    • Federal Taxes tab
    • Wages & Income
    • Scroll to Less Common Income
    • Show more > Select Miscellaneous Income at the bottom
    • Other income not already reported on a W2
    • Yes to Other Wages Received
    • Continue > Continue > Continue
    • Yes to Any Other Earned Income
    • Select Employee Compensation that was not on a W2
    • Enter the requested information
    • Reason Code is should have been reported on W2
This will record the additional share of your social security and medicare tax on page two of the 1040.